First and foremost, the FDIC points out that any deposits in a bank will still be protected up to at least $ 250,000. European countries use similar deposit guarantees, although the maximum insured amounts are different.
"The safest place for your money is in a bank. Banks will continue to ensure that their customers have access to funds either directly or electronically," FDIC said.
Large banks are extremely well capitalized
This means that the top banks have "substantial levels of capital and liquidity beyond the regulatory minimum and buffers" according to the Fed. In other words, there is no need for people to take out large chunks of their banks. Your deposits are safe.
"The banking sector is so much better capitalized right now than it was during the financial crisis of 2008. Regulations have only benefited them. Liquidity is there," said Matt Daly, head of the municipal team at Conning, an asset management firm.
"This crisis feels a lot different than 2008. It was a real challenge for the plumbing in the financial system. We don't have that now," Daly added.
Cash can no longer be king in a Venmo world
There is another significant difference between now and 2008.
Several consumers use mobile payment apps such as Apple Pay, Square Cash, Venmo and PayPal as well as debit cards and credit cards for daily purchases. And many large retailers and smaller merchants not only accept these forms of payment; they actively encourage them to use them.
It reduces the need for people to run to the nearest ATM or bank counter to try to get as many $ 20 and $ 100 as they can.
Another good sign? Large banks as well as many smaller regional banks have all agreed to temporarily suspend repurchase programs to ensure they have the capital they need for loans and other day-to-day operations.
Add to all this, and that means people should not fear the banks run out of cash. There are many other things to be nervous about, but the economic system that implodes is not one of them.
"The whole point of the Fed's bazooka fires over the last couple of days is to stabilize the system. The Fed is the lender of last resort," said David Bahnsen, chief investment officer at Bahnsen Group.
"I have no worries about the broader banking system. Access to dollars will be no problem," Bahnsen added.